A variety of camping cars are on display at the 2020 Korea Camping Car Show at an exhibition center in Busan on May 28, 2020. (Yonhap)
SEOUL, April 28 (Korea Bizwire) — The Financial Supervisory Service, South Korea’s financial regulator, said Wednesday that insurance premiums for vehicles renovated for outdoor camping will be reduced next month in accordance with the Motor Vehicle Management Act that lifts relevant restrictions.
There are currently 12,200 vehicles authorized for renovation as of this month since the act was amended.
From now on, drivers who renovate a business-use van into a personal vehicle will be subscribed to insurance policies for personal vehicles, instead of those for vans.
Insurance premiums for business-use vehicles are normally 10 percent more expensive than insurance plans for personal vehicles. As such, all renovated van owners will see their insurance fees drop next month.
Also, an exclusive insurance plan will be added for drivers renovating a passenger car into a camping vehicle, which is 40 percent cheaper than insurance plans for personal vehicles.
For instance, annual insurance premiums for Kia Corp’s Ray minicar, currently stands at 1,092,630 won (US$859). If Ray is renovated into a camping car, the insurance premiums will drop to 633,730 won, a reduction of 42 percent.
Ashley Song (ashley@koreabizwire.com)
